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JGBS: A small bid was observed in the space in the early afternoon session,
likely on the back of a fresh move lower in equities after the lunch break,
although that faded, with the contract moving to fresh session lows after edging
lower in the morning session. 10-Year paper experienced some modest
underperformance. This comes after the contract was rejected above the May/Mar
highs in overnight trade, with the breakdown of the latest 20-Year auction a
little softer than its predecessor, even though the low price met ex passing
further pressure. As a reminder, 20-Year paper looked little rich in Z-spread &
ASW terms when compared to 30-Year paper.
- Little reaction to comments from Japanese FinMin Aso who revealed that Japan
will compile a second additional budget for 2018/19 with focus on mitigating the
effects of the recent natural disasters and the scheduled 2019 sales tax hike.
- Little reaction in the space as BoJ Gov. Kuroda noted that he believes current
MonPol settings will bring about inflation in Japan. Kuroda also noted that the
"possibility of reaching the inflation target in FY2020 is low."
- Focus on Japanese CPI data & BoJ Rinban ops due later this week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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